Hong Kong, 1 February 2023 – Leading diversified professional services and investment management company Colliers (NASDAQ and TSX : CIGI) is pleased to announce it has been appointed by the executor as sole agent for the sale of 50 and 52 Sassoon Road (the “property”). The property is to be sold on an “as-is” basis with a mix of vacant possession and existing tenancies. The tender closing date is on Friday, 31 March 2023, 12:00 noon.
The executor has now appointed Colliers to sell the property through a fair, just and open public tender, aiming to achieve the best deal in a transparent and competitive process for the church, in accordance with the testamentary intention of the late donor. Situated at one of the most exclusive residential neighbourhoods and the prestigious address of Sassoon Road, the property is adjacent to the Dairy Farm properties for its executives and a number of luxurious houses of Hongkong Land. Also in close proximity is the mansion of the Fok’s family, one of the top four families in the city, and homes to senior executives of foreign enterprises and also local tycoons. Offering a high degree of privacy, the prime property enjoys a 180-degree unobstructed sea view and a backdrop of mountain greenery.
The property has a site area of approximately 19,500 square feet with a plot ratio of 0.75 and a maximum rebuilding area of about 14,625 square feet. The area benefits from strong connectivity by various modes of public transportation and is just a few minutes' drive to Cyberport, a 11-minute drive to Kennedy Town with all the amenities, and 15 minutes away from the financial and commercial hub Central.
A very rare waterfront site on Hong Kong Island for sale
Stanley Wong, Senior Executive Director and Co-head of Capital Markets & Investment Services | Hong Kong at Colliers said: “ The site area of 50-52 Sassoon Road is about 20,000 square feet, providing future residents with a lifestyle of secluded serenity and spectacular sea views. It is a top-notch redevelopment site which is rarely seen in the market. Following the law of scarcity and value, the luxury home market demonstrates its resilience despite inadequate market momentum, with properties fetching high transaction prices. For example, 3B of Gough Hill Residences was sold for $100,000 per square foot earlier, a house of the nearby Bel-Air hit $91,000 per square foot and the sale of a duplex unit at 8 Peak Road recorded a soaring $120,000 per square foot, reflecting that the city’s ultra-rich still love to buy super deluxe homes. With considerable redevelopment potential, this property can be redeveloped to build one or two luxury houses, with each boasting open sea views and a huge garden, offering advantages unmatched by other options in the market.”
Most of the waterfront sites in Hong Kong Island's Southern District and Pok Fu Lam are owned by established families or Hong Kong’s super rich, which are rarely put up for sale.
Freddy Wan, Senior Director of Capital Markets & Investment Services | Hong Kong said: "The Peak, Southern District and Pok Fu Lam are traditional upscale residential areas that have always been sought after, with very limited redevelopment sites available for sale. The land price is going for an average of around $80,000 to over $100,000 per square foot. A recent example is 5 Mount Cameron Road originally owned by Swire Properties, being sold for HK$94,000 per square foot. This waterfront property boasts a sweeping ocean view, making it a lucrative choice for both self-use and investment-oriented buyers. The sale is expected to receive overwhelming responses especially as Hong Kong-mainland border reopens.”
If you would like to know more about this opportunity, you can contact our experts Mr. Wong (6012 1595) or Mr. Wan (9414 4462).
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